At the end of November, the median sales price for newly constructed homes across Ada County reached an all-time high of $601,301 (a year-over-year increase of 39.8%). This record is the result of numerous factors that were present both during (and in some cases prior to the) the pandemic: namely the increasing costs of land, labor and materials.
Also impacting new construction sales, is the uptick we're seeing in the overall inventory of resale homes. Homeowners across the county (and the whole Treasure Valley) are capitalizing on this market and getting their homes listed. At the end of the month of November, there were 426 existing homes listed for sale (a notable year-over-year increase of 217.9%).
There's a strong correlation between existing (i.e. resale) home inventory and new construction pending sales. Check out the below graphic (click on it to enlarge) to to see how (historically) new construction pending sales increase when existing inventory dips - and then decrease as existing inventory rises.
To learn more, check out Jonna's quick market update above - or scroll down for updated charts and figures.
To subscribe to receive our full monthly market update directly, click here.
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Graphics provided by Boise Regional Realtors.
SUMMARY: If you group together both existing and newly constructed single-family homes and compare those numbers to the same month one year ago (detailed in the top infographic): inventory increased by a notable 95.1%, the median sales price increased by 25.1% (coming in at $537,900), and overall fewer homes sold (down 7.8%) and they took a longer amount of time to go under contract (29 days opposed to 14).
If you then examine just existing/resale homes (and remove all the newly constructed homes from the statistics); the median sales price increased by 19.7% (coming in at $510,000), inventory increased by an incredible 217.9% & homes are sitting on the market a bit longer than they were one year ago (up 92.3%).
And finally, if you look just at newly constructed homes (as noted in the opening of this email); new homes are selling for a median sales price of $601,301 (a year-over-year increase of 39.8%), there are more of them available than there were one year ago (inventory is up by 35%); however fewer sold (down 32.2%) and they are staying active on the market for a longer period of time (42 days compared to 29).
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TREASURE VALLEY HOUSING MARKETS
Average Sold Price (November 16, 2021 - December 16, 2021)
- Boise: $562,931
- Eagle: $982,306
- Meridian: $590,053
- Star: $685,965
- Garden City: $503,454
- Kuna: $511,124
- Middleton: $598,574
- Nampa: $443,680
- Caldwell: $465,784
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If you've been considering a move, this would be a great time to connect with us to discuss the current value of your home and to see what's newly available on the market. To discover what your home is currently valued at, simply click here and we will happily provide you with an obligation-free, complimentary home or investment property evaluation.
If you’re hoping to buy, keep in mind that low inventory certainly isn’t the same as no inventory. There are options available, and current rates are making mortgage payments more manageable. Click here or call us to discuss what you're looking for. Otherwise, keep reading to learn more about what's happening in Ada County's real estate market.
P.S. Should you hear of anyone else looking to Buy or Sell a home, we ask that you please do two things. First, please tell them about your experience with us. Next, simply hit the reply button to this email and tell us about them! We would love to be of service!
